PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1269629
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1269629
The global application integration market is projected to grow from 15.4 billion in 2023 to USD 38.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 20.0% during the forecast period. The rising need to improve time-to-market and boost ROI is driving the application integration market growth.
Customer Relationship Management segment to account for larger market share during the forecast period
Customer relationship management combines strategies and technologies to manage interactions with customers by collecting and analyzing data from contact points with customers throughout the customer life cycle. Everything from initial contact with prospects and leads to post-sale interactions and the subscriber or client retention efforts are included in this cycle. The fullest potential of the CRM system is reached when it is connected to other applications and software.
Consulting services segment to account for the highest CAGR during the forecast period
Consulting services provide knowledge and advice to clients through in-depth product descriptions with the help of security professionals, highly qualified industry experts, and domain experts in sectors of financial and technical analysis, economic modeling, and business case development. Integration consulting services assist businesses with a better understanding of integration approaches to discover possible relevant use cases. The aim of the integration consultancy services is to support companies in boosting products and services, reducing operational costs, improving the working environment, and restructuring business processes.
BFSI segment to account for larger market share during the forecast period
A bank will offer services through a new digital channel and appeal to new customers by integrating customer accounts, loan application services, and other back-end systems with their mobile app. The BFSI industry is experiencing increased demand from consumers expecting the physical presence of banks and financial institutions. But they prefer multi-channel transactions, opening accounts, and paying loans and bills. At the core of these multiple ways of banking, there are various digital applications powering thousands of business-critical functions. These applications must provide exceptional customer experience to act as the key differentiator for banking and financial institutions.
Asia Pacific to record the highest CAGR during the forecast period
Asia Pacific is expected to witness the highest CAGR during the forecast period. The increasing proliferation of cloud and mobile technologies and changing work dynamics have led to the adoption across verticals, such as manufacturing, energy & utilities, retail & consumer goods, BFSI, and telecommunications of application integration in countries of the region. Major players such as Boomi, SAP, Oracle, Microsoft, and IBM are the top players focusing on serving the Asia Pacific application integration market.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the application integration market.
The major players in the smart transportation market are Salesforce (US), Informatica (US), SAP (Germany), Oracle (US), SnapLogic (US), Software AG (Germany), IBM (US), Microsoft (US), TIBCO Software (US), Celigo (US), Boomi (US), Adeptia (US), WSO2 (US), DBSync (US), Flowgear (South Africa), InterSystems (US), SEEBURGER (Germany), Workato (US), Magic Software (Israel), OpenLegacy (US), Jitterbit (US), Elastic.io (Germany), Talend (US), Tray.io (US), Cyclr Systems (UK), APIFuse (US), and Zapier (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the application integration market.
The market study covers the application integration market across segments. It aims at estimating the market size and the growth potential of this market across segments, such as offering, integration type, application, vertical, and region. It includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall application integration market and its subsegments. It would help stakeholders understand the competitive landscape and gain better insights to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.
, growing need for automation of mission-critical business processes, rising need to improve time-to-market and boost ROI), restraints (limited knowledge of Enterprise Application Integration (EAI) within organizations, high initial investment), opportunities (growing demand for B2B integration), and challenges (data inaccessibility because of its widespread storage, integrating new application software with traditional IT infrastructure, incompatibility between third-party integration and product interface) influencing the growth of the application integration market